Ashtead Group plc (LON:AHT) has announced its unaudited results for the half year and second quarter ended 31 October 2025
| Performance1 | Second quarter | First half | ||||
| 2025 | 2024 | Growth | 2025 | 2024 | Growth | |
| $m | $m | % | $m | $m | % | |
| Revenue | 2,962 | 2,941 | 1% | 5,763 | 5,695 | 1% |
| Rental revenue | 2,757 | 2,725 | 1% | 5,357 | 5,265 | 2% |
| Adjusted2 EBITDA | 1,381 | 1,410 | -2% | 2,657 | 2,698 | -2% |
| Operating profit | 704 | 796 | -12% | 1,346 | 1,484 | -9% |
| Adjusted2 profit before taxation | 656 | 682 | -4% | 1,208 | 1,255 | -4% |
| Profit before taxation | 571 | 653 | -12% | 1,083 | 1,197 | -10% |
| Adjusted2 earnings per share | 116.8¢ | 116.2¢ | 1% | 212.1¢ | 213.6¢ | -1% |
| Earnings per share | 100.4¢ | 111.3¢ | -10% | 188.1¢ | 203.7¢ | -8% |
Half year highlights
| ● | Reaffirming full-year Group rental revenue, capex, and free cash flow guidance |
| ● | Group rental revenue up 2%; revenue up 1% |
| ● | Operating profit of $1,346m (2024: $1,484m) after non-recurring costs relating to US relisting and UK restructuring of $69m (2024: $nil) |
| ● | Adjusted2 profit before taxation of $1,208m (2024: $1,255m) |
| ● | Adjusted2 earnings per share of 212.1¢ (2024: 213.6¢) |
| ● | $1.3bn of capital invested in the business (2024: $1.7bn) |
| ● | Free cash flow1 of $1,109m (2024: $420m) |
| ● | Total returns to shareholders of $1,021m (2024: $387m), comprising $714m on share buyback and $307m through dividends |
| ● | Net debt to adjusted EBITDA leverage of 1.6 times (2024: 1.7 times) |
| ● | Interim dividend of 37.5¢ per share (2024: 36.0¢), up 4% |
| ● | Announcing new $1.5bn share buyback commencing with relisting |
| ● | Primary listing on track to move to NYSE and Investor Day in New York City in March 2026 |
| 1 | Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information. The directors have adopted these to provide additional information on the underlying trends, performance and position of the Group. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies’ alternative performance measures but are defined and reconciled in the Glossary of Terms on page 34. |
| 2 | Adjusted results are stated before amortisation and non-recurring costs as defined in the Glossary of Terms on page 34. |
Ashtead Group’s chief executive, Brendan Horgan, commented:
The Group reported solid results for both the first half of the year and the second quarter, with revenue, profit, and free cash flow in line with our expectations as we benefit from long-term industry trends and ongoing improvements in our sector. Rental revenue in the first half increased 2%. Adjusted for $55-60m of lower hurricane activity in the quarter, rental revenue was up 3%, as mega project activity gained momentum, offset by continued moderation in our local non-residential construction markets. That being said, we continue to see positive leading indicators for local non-residential construction activity, and we are reaffirming our guidance for rental revenue, capex and free cash flow for the year.
Our revenue growth, combined with strong margins and disciplined capital deployment, drove record free cash flow in the first-half, which we used to complete seven bolt on acquisitions, support $307m in dividend payments and complete $714m of share buybacks in the first-half, bringing our total to $1,056m under the current programme. Given the continued confidence in our free cash flow outlook, today we are also announcing a new share buyback programme of $1.5bn commencing 2 March 2026, to coincide with the re-listing to the NYSE which remains on track. Our net debt to EBITDA leverage is 1.6x remaining comfortably within our targeted range. I would like to thank the team for these results and leading every day with our safety-first culture and Engage for Life programme.
